ENROLLED
Senate Bill No. 173
(By Senators Whitlow, Helmick, Walker, Plymale,
Blatnik, Sharpe, Boley, Dugan, Kimble and Minear)
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[Passed February 6, 1995; in effect from passage.]
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AN ACT to amend and reenact section three, article twenty-
four, chapter eleven of the code of West Virginia, one
thousand nine hundred thirty-one, as amended, relating to
updating the meaning of certain terms used in the West
Virginia corporation net income tax act by bringing them
into conformity with their meanings for federal income
tax purposes for taxable years beginning after the
thirty-first day of December, one thousand nine hundred
ninety-three; preserving prior law; and specifying
effective date.
Be it enacted by the Legislature of West Virginia:
That section three, article twenty-four, chapter eleven
of the code of West Virginia, one thousand nine hundred
thirty-one, as amended, be amended and reenacted to read as
follows:
ARTICLE 24. CORPORATION NET INCOME TAX.
§11-24-3. Meaning of terms; general rule.
(a) Any term used in this article shall have the same meaning as when used in a comparable context in the laws of
the United States relating to federal income taxes, unless a
different meaning is clearly required by the context or by
definition in this article. Any reference in this article to
the laws of the United States shall mean the provisions of the
Internal Revenue Code of 1986, as amended, and such other
provisions of the laws of the United States as relate to the
determination of income for federal income tax purposes. All
amendments made to the laws of the United States prior to the
first day of January, one thousand nine hundred ninety-five,
shall be given effect in determining the taxes imposed by this
article for any taxable year beginning the first day of
January, one thousand nine hundred ninety-four, or thereafter,
but no amendment to the laws of the United States made on or
after the first day of January, one thousand nine hundred
ninety-five, shall be given any effect.
(b) The term "Internal Revenue Code of 1986" means the
Internal Revenue Code of the United States enacted by the
"Federal Tax Reform Act of 1986" and includes the provisions
of law formerly known as the Internal Revenue Code of 1954, as
amended, and in effect when the "Federal Tax Reform Act of
1986" was enacted, that were not amended or repealed by the
"Federal Tax Reform Act of 1986". Except when inappropriate,
any references in any law, executive order or other document:
(1) To the Internal Revenue Code of 1954 shall include
reference to the Internal Revenue Code of 1986; and
(2) To the Internal Revenue Code of 1986 shall include a
reference to the provisions of law formerly known as the
Internal Revenue Code of 1954.
(c) Effective date. -- The amendments to this section
enacted in the year one thousand nine hundred ninety-five
shall be retroactive and shall apply to taxable years
beginning on or after the first day of January, one thousand
nine hundred ninety-four, to the extent allowable under
federal income tax law. With respect to taxable years that
begin prior to the first day of January, one thousand nine
hundred ninety-four, the law in effect for each of those years
shall be fully preserved as to such year.